Benefits of borrowing from a bank that doesn't sell mortgages on the secondary market
One of the most important decisions anyone makes is to buy a home, and choosing the right lender (Opens in a new Window)is just as important. Many home buyers feel that just getting financing approved is what matters, not necessarily where you get the mortgage from. Consumers often see advertisements that sell the idea of a low-interest rate, and although low-interest rates are key factors in where you purchase your mortgage, we believe it's equally important that you are confident everything is done properly and on time. From the pre-qualification letter to getting the keys to your new home,the home buying process should be an enjoyable and exciting experience.
Benefits of choosing a local bank
The process to obtain a mortgage is about the same at most banks.You speak with a loan officer who will ask you basic questions about income, debts, etc. Then you provide the paperwork to prove your income, credit history, debts, other assets, liabilities, and anything else that they may need to prove you're able to afford a mortgage.However, the service that you receive throughout your full mortgage experience may be significantly different between a large regional or national bank and a local Maine bank.
At Skowhegan Savings Bank(Opens in a new Window), we take pride in being a local community bank that knows the Maine market and can look at each of our mortgage applicants individually for consideration of a loan. Unlike a national bank, our lenders live and work in the same neighborhoods as you. In fact, they very well could be your neighbor. This gives our Community Bankers an advantage in understanding additional aspects of your intended home purchase, that perhaps an out-of-state bank may not factor in. That said, all of our lending decisions are made here and quickly. The shorter the decision-making chain, the safer the decisions can be for you as the borrower.
We make mortgage decisions for people in our communities
A major lender makes decisions about a mortgage with a stranger's name on it. We make decisions about people who live and work in the same communities we do. Not all mortgage applications from financial institutions are completely straightforward. Maybe you're a first-time homebuyer who wants a lot of advice and suggestions. Perhaps you want to weigh the differences between the 10, 15, or 30-year loans that we offer, or would like to know how a bi-weekly payment could save you interest on the life of your loan. Our Community Bankers take pride in being a resource to answer all of these questions and guide you along the entire home buying process.